German economist panel cuts 2021 growth outlook to 3.1%




BERLIN (AP) — The German economy — Europe’s biggest — will grow by 3.1% this year, the government’s panel of independent economic advisers forecast on Wednesday, cutting its previous prediction somewhat.

The panel’s new outlook compared with a forecast of 3.7% in November, made at the beginning of a second round of coronavirus-related closures that are largely still in place.

Last year, Germany’s gross domestic product shrank by 4.9%. That ended a decade of growth and was the biggest decline since the financial crisis in 2009. However, Germany’s economy did better than several others in the 19-country eurozone as it was supported by manufacturing, which has taken less of a hit than services during the pandemic. 

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